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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

CPI Print Pushes Crypto Into Red Zone, Here Are 2 Potential Scenarios

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Crypto Bitcoin BTC BTCUSD

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The crypto market is retesting critical support areas as the U.S. Consumer Price Index (CPI) print surpasses expectations. The metric is used to measure inflation in the U.S. dollar, and it recorded an 8.6% increase year-over-year (YoY), the highest since 1981.

Related Reading | TA: Bitcoin Bears Keep Pushing, Why BTC Could Still Nosedive

This could turn the U.S. Federal Reserve (FED) more aggressive in its attempts to stop inflation. The financial institution began tightening its monetary policy which has translated into a reduction in global liquidity, and negative performance for risk-on assets, such as Bitcoin.

The price of Bitcoin is back at $29,400 with a 3% and 3.5% loss in the last 24-hours and 7-days, respectively. The cryptocurrency made several attempts at returning to previous highs, but market conditions have contributed to an increase in selling pressure.

Bitcoin BTC BTCUSD
BTC trends to the downside after the U.S. CPI print on the 4-hour chart. Source: BTCUSD Tradingview

A pseudonym trader presented two potential scenarios for Bitcoin in the coming months. The trader claims the market seems to have two targets in mind for the price of the number one crypto: either more downside to $20,000 or a push upwards to $40,000.

As seen below, this trader believes Bitcoin could drop to $25,000 before returning to its current levels. This scenario contemplates Bitcoin forming a new range between its yearly lows and the low $30,000.

The number one cryptocurrency, and the crypto market cap, might seem some relief later this year. However, rising inflation with a hawkish FED cast a long shadow over the bulls.

Bitcoin BTC BTCUSD
Source: DaanCrypto via Twitter

The second scenario contemplates a longer BTC price range, but with less volatility. The trader said the following about these potential scenarios:

These scenario’s would make for a painful and slow crab market throughout the summer. The space would end up feeling dead and empty. Right in time for some positive changes in terms of the macro landscape later on which could be the bullish catalyst for a breakout.

Bitcoin BTC BTCUSD
Source: DaanCrypto via Twitter

Can Bitcoin And Crypto See New Highs In 2022?

As inflation in the U.S. seems to spiral out of control, the U.S FED will continue to tighten by reducing their balance sheets and increasing interest rates.

Consequently, the crypto market could experience steeper losses. Over the past months, as macro-economic uncertainty rises, Bitcoin dominance followed with an upward trend.

As NewsBTC reported, this metric stood north of 40% in the past 7-days but could return to its 2020 levels. At the time, Bitcoin alone formed above 60% of the total crypto market capitalization.

If the economic narrative turns its attention from reducing inflation to stopping a potential global recession, Bitcoin and the crypto market could see some relief. This scenario seems likely to play out by the end of the year.

Related Reading | TA: Ethereum Holds Key Support, Why ETH Must Clear This Hurdle

In any case, new highs seem unlikely for the crypto market. However, market participants should keep an eye out for a shift in narratives as they could signal potential bullish momentum.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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